BIEM(SZ:002832) Tai Ping Yang·2024-09-13 04:09Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock's performance relative to the market [1][6]. Core Insights - The company reported a revenue of 1.936 billion yuan for H1 2024, representing a year-on-year growth of 15%. The net profit attributable to shareholders was 479 million yuan, also reflecting a growth of 15.25% year-on-year [2]. - The growth was driven by franchise and e-commerce channels, with significant increases in revenue from these segments. The franchise revenue grew by 56.5% year-on-year, while online sales increased by 34.6% [2]. - The company demonstrated resilience in a challenging consumer environment, achieving record highs in both revenue and profit despite a weak overall market [2]. - The report highlights the company's strong brand power and operational quality, projecting a robust growth trajectory with expected net profits of 1.08 billion yuan, 1.26 billion yuan, and 1.46 billion yuan for 2024, 2025, and 2026, respectively [3][4]. Financial Summary - For H1 2024, the company's gross margin improved to 77.9%, up by 0.7 percentage points year-on-year. The net profit margin also saw a slight increase to 24.75% [2]. - The company plans to continue expanding its store network, with a net increase of 8 stores in H1 2024, bringing the total to 609 direct-operated and 654 franchise stores [2]. - The financial forecasts indicate a steady growth in revenue and net profit over the next few years, with projected revenues of 3.536 billion yuan in 2024 and 5.373 billion yuan in 2026 [3][4].